Starting Over with a Bankruptcy Attorney in Watertown, NY

Struggling with insurmountable debt while having no relief in sight is a terrible thing. If you are currently dealing with this type of situation, it is important to know that bankruptcy is a viable solution. Unfortunately, some people still believe that bankruptcy is the result of poor money-management skills or being downright irresponsible.

 

In truth, many people who hire a bankruptcy attorney in Watertown, NY, are dealing with very difficult situations that are out of their control. For example, people file for Chapter 13 Bankruptcy because of major health problems, tumultuous divorces, loss of jobs, and other unexpected hardships. Therefore, know that your financial situation is not due to irresponsibility but life challenges, and that by hiring a bankruptcy attorney in Watertown, NY, you can enjoy a better future.

 

Princeton University studied more than 500,000 people who had filed bankruptcy. As part of the study, the financial situation of these individuals was reviewed five years before and five years after filing bankruptcy. Bankruptcy was found to be extremely beneficial for the people who had successfully filed.

 

Study Outcome

 

This study identified several key things. For instance, annual income for individuals who filed Chapter 13 Bankruptcy was, on average, $5,500 greater compared to non-filers. As for salary increase, people between 25 and 40 years of age who filed earned $7,800 more per year on average.

 

The study also showed a dramatic reduction in the number of foreclosures. People who filed bankruptcy had a greater ability to work, which significantly reduced the number of individuals depending on welfare. One of the more interesting revelations was that individuals in the study who filed bankruptcy actually lived longer than those who were under financial stress but did not file.

 

As imagined, stress goes hand-in-hand with bankruptcy. However, during the first five years of the study before filing, upwards of 84 percent of participants said they felt incredibly stressed. Then, during the five years following the bankruptcy, only 34 percent still felt somewhat stressed.

 

By hiring a bankruptcy attorney in Watertown, NY, you have the opportunity to start over without debt. For additional information on how a reputable attorney can help, we invite you to call us for a no-obligation, free consultation. Everything discussed will be held in the strictest of confidence.

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